VANCOUVER, BC / ACCESSWIRE / January 10, 2019 / Mucho Cobre Resources Ltd. (formerly, 1169080 B.C. Ltd.) ("MCR" or the "Company") is pleased to announce the acquisition of 1169787 B.C. Ltd. that includes its Red Spring Copper-Silver-Gold property.
Terms of the acquisition
The terms of the acquisition include the Company issuing 4,795,020 common shares from its authorized share capital through a share exchange on a 1:1 basis with 787BC shareholders for the Company to acquire a 100% equity interest in 787BC (the "Acquisition"). As a result, 787BC will become a wholly-owned subsidiary of the Company upon closing of the transaction. The deemed fair value of the Acquisition is $479,502, or $0.10 per share.
Mineral Property - Red Spring Copper-Silver-Gold
The Red Spring Copper-Silver-Gold property, located 120 kms north of Smithers, B.C., was discovered in 1972. Copper mineralization occurs within interbedded volcanic, volcaniclastic and sedimentary rocks of the Jurassic age Hazelton Group close to the eastern edge of the Bowser sedimentary basin. Previous exploration was directed to a dolomitic limestone formation that carries finely disseminated silver-rich chalcopyrite. Drilling programs in 1973 outlined a historic non NI43-101 compliant estimated deposit of 5,000,000 tons grading 0.5% copper and 11.9 grams/ton silver (4,500,000 tonnes of 0.5% copper and 0.38 troy oz/tonne silver, which equates to 49.6 million pounds of Copper and 1.71 million Oz Silver ). (Assessment Report #20364,p. 1, 1990, G. Ryznar, P. Eng., quoting from a 1973 internal company report for Canadian Superior Exploration Ltd).
Resource Disclaimer
The historic resources are referenced for information purposes only. The reliability of historical estimates is unknown but considered relevant by MCR as management believes it represents a significant target for future exploration. The qualified person has not reviewed all pertinent original documents nor completed sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating this historical estimate as a current mineral resource.
For further information please contact:
Kevin Beaulieu, Director
E-mail: [email protected]
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of MCR. Forward-looking information is based on certain key expectations and assumptions made by the management of MCR. Although MCR believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because MCR can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. MCR disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE: Mucho Cobre Resources Ltd.